Another R3 Exit: Spanish Bank Santander Quits Blockchain Consortium

Banco Santander, one of the early participants of the R3 blockchain consortium has abandoned the working group, joining investment banking institution Goldman Sachs in departure.

The Spanish banking giant’s decision to let its R3 membership lapse is the second high-profile exit from the working group and comes in the months after it roped in Blythe Masters for a blockchain advisory role at the bank. Masters is the chief executive at Digital Asset, a startup that is arguably R3’s competitor in developing blockchain solutions for the financial services industry.

Santander is the second major bank to leave the R3 blockchain consortium.

While reasons for the departures aren’t provided in any official capacity, R3 is currently in the midst of raising its first major round of equity funding.

A Reuters source reveals that New York-based R3, which is leading the working group of over 70 of the world’s major banking and financial institutions, has now lowered